NOT EAGLES NEST POSITIVE FOR FNC
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Sep 28, 2010 05:51PM
Resource projects cover more than 1,713 km2 in three provinces at various stages, including the following: hematite magnetite iron formations, titaniferous magnetite & hematite, nickel/copper/PGM, chromite, Volcanogenic Massive and gold.
oront drills 104.7 m of 0.81% Cu at McFaulds Lake
Ticker Symbol: C:NOT
Noront drills 104.7 m of 0.81% Cu at McFaulds Lake
Noront Resources Ltd (C:NOT)
Shares Issued 176,058,641
Last Close 9/27/2010 $1.12
Tuesday September 28 2010 - News Release
Mr. Wesley Hanson reports
NORONT CONFIRMS EXTENSION OF EAGLE'S NEST AT DEPTH
Noront Resources Ltd. has released initial assay results from the deep drilling program at the Eagle's Nest deposit at the Company's McFaulds Lake Project in the James Bay lowlands, Ontario.
HIGHLIGHTS:
----------- - NOT-10-085-W1 intersected 104.7 metres averaging 1.66% Ni, 0.81% Cu
- Including 2.4 metres averaging 7.45% Ni, 0.23% Cu
- NOT-10-085-W2 intersected 203.3 metres averaging 1.69% Ni, 1.01% Cu
Platinum and palladium results of the two holes reported are not complete at this time. These results will be released at a later date.
Noront's President and CEO, Wes Hanson, states: "The deep drill results confirm the potential for future resource increases at Eagle's Nest. Our recently completed PA did not include any of this blue sky potential. The Company continues to believe that the intersection of the Eagle's Nest conduit with the Blackbird sill is an exploration target with great potential to further increase the Eagle's Nest resource, an interpretation supported by the geophysical surveys of the deep drill holes completed thus far. The Company believes that the difficulties experienced with the deep drill program to date have been addressed and that further deep drilling is warranted."
Hole NOT-10-085-W1 intersected largely net-textured sulphides over the entire 104.7 metre interval. This hole scissors hole NOT 09-69A which intersected 59.9 metres averaging 1.40% Ni and 0.84% Cu.
Hole NOT-10-085-W2 intercepted over 200 meters of predominantly net textured sulphide mineralization. This extends the down dip length of Eagle's Nest conduit by 200 metres and it is the deepest and longest mineralized interval drilled to date at Eagle's Nest. The current Eagle's Nest National Instrument 43-101 compliant resource estimate, which extends the mineralization to a depth of 1,200 metres, demonstrates that there is approximately 1 million tonnes of resource for every 100 vertical metres of down dip extent. Based on the results of hole NOT-10-085-W2, the Company estimates that the Eagle's Nest resource has increased by 1.5 to 2.0 million tonnes. Down hole geophysics indicate that the Eagle's Nest conduit continues at depth offering excellent potential for future resource growth.
The long intersection in hole NOT-10-085-W2 and orientation of the mineralization supports the Company's interpretation of a widening of the mineralization as the Eagle's Nest conduit meets the Blackbird sill. More importantly, borehole geophysics from NOT-10-085-W2 indicates that the Eagle's Nest mineralization continues at depth and trends to the southwest, as shown in the long section http://norontresources.com/find/id/50/iR
The following table summarizes the significant results of the two holes reported at Eagle's Nest.
--------------------------------------------------------- HOLE ID FROM TO INT. Ni Cu (m) (m) (m) % % --------------------------------------------------------- Eagle's Nest --------------------------------------------------------- NOT-10-085-W1 1099.2 1203.9 104.7 1.66 0.81 --------------------------------------------------------- Including 1165.1 1167.5 2.38 7.45 0.23 --------------------------------------------------------- NOT-10-085-W2 1147.5 1350.8 203.3 1.69 1.01 ---------------------------------------------------------
The mineralized intervals do not represent true widths, which cannot be determined at this time.
INDEPENDENT QUALITY CONTROL AND ANALYTICAL PROTOCOL
A thorough quality control program has been in effect for the McFaulds Lake Project, which includes grouping samples into batches of 35 into which are added 2, certified reference material standards, 2 field and pulp duplicates also form part of the quality control program. It can be said with confidence that all assays are reported in this Press Release have passed the strict quality control guidelines as set out by Noront's Qualified Person.
All samples reported upon herein were completed by Activation Labs ("Actlabs)" of Ancaster, Ontario. The samples submitted to Actlabs were analyzed for multi-elements, including Ni and Cu using a four acid digestion and by ICP analysis. The samples that received base metal values greater than the upper limit for the method underwent further analysis using ICP-OES. For the Au, Pd and Pt, the assay methodology was Fire Assay on a 30 gram aliquot with an ICP finish. Silver was analyzed using a 3-acid digest with an ICP analysis. For more information on assay methodology please visit the Actlabs website at http://www.actlabsint.com.
For further information on the McFaulds Lake Project, please refer to the Company's NI 43-101 compliant technical report "Technical Report and Resource Estimate, McFaulds Lake Project, James Bay Lowlands, Ontario Canada" (effective April 23, 2010) available on the Company's website and at www.sedar.com.
Preparation of drilling results in this press release has been supervised by Noront's senior management including Jeremy Niemi, P.Geo. Vice President, Geology, who is a Qualified Person under Canadian Securities Administrators guidelines. The potential quantities and grades disclosed herein are conceptual in nature. At the current stage of exploration there is insufficient drilling to determine the extent of continuity of the mineralization required to define a mineral resource for all mineralization at the Eagle's Nest. Noront anticipates delivering an updated mineral resource in second half of 2010.
2010 Canjex Publishing Ltd.